Case Law Details
Case Name : ACIT Vs Vallabh Roopchand Bhansali (ITAT Mumbai)
Appeal Number : ITA No. 889/Mum/2024
Date of Judgement/Order : 06/08/2024
Related Assessment Year : 2017-18
Courts :
All ITAT ITAT Mumbai
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ACIT Vs Vallabh Roopchand Bhansali (ITAT Mumbai)
Conclusion: Long term capital loss (‘LTCL’) from off market sale of listed securities could not be offset against current and future capital gains, if it did not fall under the ambit of legitimate tax planning and was a colourable device to evade tax.
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